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Cavuto on Business

News/Business. Neil Cavuto and market analysts discuss financial issues and forecasts. (CC)

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00:31:00

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Channel v761

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mpeg2video

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1280

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Julie 4, Us 4, Fbi 4, Gary 3, George Bush 3, Fuddy Duddy 2, Ford 2, Irs 2, Oregon 2, Newark 2, Standar 1, United States 1, Red 1, Gas 1, Iwas 1, Peoplee 1, Obama Administration 1, Ap Reporrs 1, Neal 1, Lotnd 1,
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  FOX Business    Cavuto on Business    News/Business. Neil Cavuto and market  
   analysts discuss financial issues and forecasts. (CC)  

    July 7, 2013
    1:30 - 2:00am EDT  

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thanks for joining us. the cost of freedom, the number one business block on contin denieneal right now. neal, take it away. well, forget about this guy, all bent out of shape over the president. a lot of these guys and gals are getting pretty bent, too. hi, everyone. welcome. call it the young and the restless, but it's not the kind of soap opera the white house likes to watch. the government surveillance programs like those going on at the nsa are violating their privacy and they're not a bit happy about it. this as the president's approval ratings continue to fall to an all-time low. it trusted the government as breaking down. is that putting the brakes on any big kind of government agenda? all right, charles payne, what do you think? >> well, i think it will.
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listen, trust the cornerstone of everything. trust the cornerstone of any kind of success, business, family, marriage, government. you've got to believe in the government. young people particularly believed in this president. you know, inadequate answer to nsa, irs, benghazi. now you use these organizations as political tools, it's amazing. i think there's a lot of optimism on wall street and other places that maybe this will put the cabosh on some of these anti-business things the president is pushing through. >> what do you think? >> i'm an old fuddy duddy. >> no, you're not. i'an old fuddy duddy. you're like the anti-fuddy duddy. >> yeah, you are. in terms of like -- i have no expectation of privacy. but we have an entire generation of people who are growing up using cial media. and i think that they are utterly shocked by this national security agency collection of phone records in a way that older generations are not. i think that if you have people reting that way to greater
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bigger government, that will be ultimately be a good thing because maybe those people in washington will be forced to shrink it. because i don't think young people think the government wil be there for them when they're retired like in the form of social security. >> well, i will say this, gary. young people in particular are married to those gadgets and they're married to these social media sites and the rest. and when they hear whether, it's, it's under a democratic president or a republican one, it reminds them of something they rlly like to do that they don't like the government doing to them. >> and just remember, campaigner obama came out and said that he wasn't going to do what george bush was doing as far as wiretapping. all of a sudden, he's taken it to the 1100th power and this was all new. this was done under cover, nobody knew about it. now all of a sudden, boom, now the poll numbers come out, they're way down. punish now i want to see that because i want less government and the good news is, i think this bucks up republicans to maybe fight harder against them. poll numbers do matter.
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>> but julie, i always think be careful what you wish for. republicans are the ones would did a patrio act and while both parties by and large started it, this is now the patriot act on steroids. does it boomerang on both parties? chiefly the democratic party? what? >> you're not getting an argument out of me. i think this has gone to an extreme. i was vocal about the fact that democrats trashed george bush for doing it and they're not going to trash obama for doing the same thing. it's funny that these young people who put everybody they hooked up with last night a expecting privacy when it come to something else. okay. >> yeah. i always like the ones -- always the fbi. >> yeah. you know, but your 10,000 facebook friends, that's okay. look, at the end of the day, i think there is no expectation of privacy. there should not be. those of us who were against the patriot act ten years ago were fearful of -- >> but young people in particular julie, listening to
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their pointnd karls maybe you can sound on this poi. they really do, as a clear sort of libertarian streak in this regard. that they don't really like the government messing around in thr stuff and with their stuff. >> they feel like the 1,000 facebook fans or people on their facebook, that's their community. so, yeah, they put everything out there. they share everything. but they think that they're only sharing it with spific people and they do not like that. >> well, are they naive and they just had to wake up to that? >> they're not naive in the sense that when someone says, listen, i'm running for a political office, vote for me and i'll do certain things for you and that person doesn't do any of those things that he promised, that's being naive. >> well, you know, all this stuff costs a lot, too, gary. to see nothing of just the spying that goes on, collecting reports that goes on, the very devices and the sights they're using, whether public or private entities, they're part of this process. oftentimes agreeing readily to
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whatever the government asks. and now, those sites go back to try to explain to their customers, well, we're going to have a new policy about that. too little too late. >> first off, the small print on some of these policies superman couldn't read. you don't even know what's in there. and i've got to take the step ck here on this expectation of privacy. i expect privacy. i think government is making everybody believe they should have an expectation of privacy. privy is one of our great rights that we should ha and they've just gone -- they have jumped the shark at this point in time. and point is is that something has to be done eventually because they're going to be into everything -- they already are into everything we do, but where does it stop? >> i have come out and said i don't have any problem with the phone collection, the phone records collection. >> do you know the next stage is when they have yourecords? >> yeah. again, i don't have any -- i don't think anything is private in this world. but then again, my world view was dramatically changed being
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here during the terror attacks. >> so that means open season? >> i think there have to be controls, but in terms of, like, collecting phone records, i expect my credit card companies to do e sam thing with my credit card iormation. but i thk with younger people, to charles' point, they do think that this is a community and they choose to be part of this online community and it's not any of the government's business. and you're going to see, i think, in years to come particularly with social issues, younger people becoming more and more libertarian. they just want the government out of their business altogether, regardless of whether it's social media or anything to do with the private -- >> look, we know there's bad guys out there. we need to get rid of them. but government is using thats a an excuse to get into everything we do. they're going to go into the mold in our shoes. and my big thing is, where does it end? at what point? you said it, are they listen to go every phone call we make just because? i think too many people in government take advantage of this, whether it's for their political leaning. again, where does it end?
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>> look, julie, that's about the extent of it. you and i talked about this not too long ago. now we're gettingord that the post office snaps images of a lot of the mail that comes our way.. they don't open it up, we're told. but they just snap images of it. to whaend, i have no idea. to the point that every time we find out something, we find out someone else. that's why i don't have anybody when they say just it's a few conservative groups turned out to be hundreds. it was no individuals, turned out to by quiuite a few individl owners. just like the justice department, it went after a few ap reporrs, turned out to be many more than that. my point is, every time they tried to clarify something, they just deepened the scandal around something. i don't have trust anyone. >> hey, i -- on this collection issue, i'm a hundred percent with you. >> all right. then i'm going to takeke the otr posture. that's ridiculous, you and i should not be on the same page. >> pigs are flying somewhere. but look, at the end of the day,
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this is exactly the people who were against the patriot act warned about. the patriotic act got reupped a year ago and nobody said a word. >> we didn't know a lot of this. and the patriot act at its largest sense of going after people who threaten us with sort of a green light to do anything and everything. even you would acknowledge that. >> no, iwas. that's the fear of the patriotic act i had since day one. the fear was th you had under this guys of protecting and terrorism, it could go after everything. >> what do you think of that, charles? >> there's a gigantic difference between, hey, you know what? there's a whole bunch of calls coming from jersey city to, you know, the mountains in afghanistan. let's tap that. erssy city to newark. those are two different things. there's no way in the world you can compare the two. maybe you thought this was going happen, but these are two distinct different things. >> i agree with you. but the government, there's
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jersey city to newark calls. it's not justhe obama administration, my friend. >> why are you guys picking on jersey? >> and the bigger point now -- >> that's why. >> we can make these people accountable. nobody is going to make them accountable. they say one thing and we find out there's ten more things. >> i think that if the american people, young or old, don't like what's going on, they can make a change, they can vote in people who are against it. i personally am not, not the nsa program. >> they thought they were. >> they thought they were is right. >> but if you're fine with it, fine. whatsoever. >> but if you look at the poll b, you guys, peoplee don't care. it's kind of in a blip. young voters and -- >> oh, i strongly disagree. you see that, the young support for the government is at an all-time low for this administration. these are not imaginary polls. some of this is coming from news organizations you like. >> you absolutely are like, including this one. but i will say that the
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aggregate polling you look at, we can revisit that like you did last year, people are polling -- >> who are -- >> people are shrugging, they're saying, oh, whatever. >> you are so wrong on that one. >> no want look at the polls, my friends. >> in the meantime, did any of you see this? that was the reaction at some media when gas prices fell belo
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other country, many of them turned him down.
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goods price are falling. playing this up national average for gas, down to $3.50 a gallon. what you didn't see in it in the headlines, prices are still up nearly 20 cents for the year. and this as the president has yet to give a greenight on keystone. my point is not that we should celebrate when we get to around $3.50 or less for a gallon. it used to be a lot lower. are we so used to bad news, that we rejoice when it's not as bad? >> that 20 cents is equal to about $80 billion out of the consumer's pocket. i'm a big believer in psychology of the market. if the president comes out and does something about this and goes after the shale bshdy the way, there's about a trillion barrs there, the psychogy of the markets change, prices come down and everybody is happy. >> we're already getting shale oil. we had the biggest increase in
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the world in this country, more than a million barrels add add a day. >> maybe those prices keep going down as a result. >> and the biggest in our history. what will happen? we do need more pipeline. that's one of the reasons that you have not seen this translate into a decreasen gas prices. and in part, because you need the infrastructure, you need the pipelines from the oil fields to the refineries. >> well, turn around the media perception of this. is it fine, then, that we do celebrate good news where we can find it because this is at least better news? and it sure beats prices -- >> america has become accustom to celebrating mead diocracy. george bush's best friends were saudi arabian princes, he was trying to hurt the average american, dick cheney was orchestrating the whole thing. under president obama, it's great news. oh, and by the w, a couple hundred thousand jobs, 3.50 gas.
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but to your political argument, it's what you get used to. if you are pounded by negative news, negative news -- >> we should be growing 400, 500,000 jobs a in, right? >> absolutely. and we get used to it in part because the media helps us get used to it. >> and also fuel economy standards have improved. >> julie, what do you think? >> i think he's right. you guys are complaining that obama wants to raise fuel standards is, but that's pretty good news for gas standar. it will make that tank of gas go a lot longer and i think that's pretty good. i'm not oppose to the keystone pipeline. but we do know that it's not really -- i mean, from fact checkers and others who have looked at it, it's not really going to affect the price of gas. we can sit here and pretend it's going to be a massive panacea. it might marginally effect it a couple of cents. >> here is the issue. as much as going after coal -- as much as raising our ility bills is the issue, that part of
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the energy issue -- >> what part of the energy issue? >> going after coal, going after -- not driving those standards and grandfathering it in for power plants and the like, that all of a sudden are looking at having to make these expensive adjustments right now. i find it odd that these plants that really depend on coal, jul julie, are the ones that are going to get socked in the seats and these are the same plants that are going to power in those plug-in hybrid peps. >> oh, stop. you and i keep having this discussion every week. i'm going to tell you, coal is the -- i'm sorry for those people living in coal states, but -- >> so with all the cleaner prospects with standing, you would just bag it? >> nobody is saying get rid o coal all the way. what they're saying is invest in technologies that might help us -- >> how about everything? use everything. you have to be worried aut the war on coal because it's really part of a bigger war against fossil fuels. by the way, natural gas is a fossil fuel. the next cpt ner this war is
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against natural gas, wherever they allow it. it's created a billion dollars in jobs, tax revenue, it's making us energy -- >> no, if we didn't do any of that -- >> under the president. come on, charles. >> not going to oh lpoe lit ze . >> obama benefits from it, but come on. >> okay. he can shut it down and -- >> i want to ask you, get your sense, if we didn't try to reign in, for whatever reason, all of these existing energy fuels we have available to us here in the united states, how much more affordable do you think our utility bills would be? how much cheaper do you think gas will be? >> everything comes down and feeds on itself. justremember, it's psychology of the market and a business. and the mainthing is, if people just see that they're starting to go the over way, things will get much better. >> can i say one thing? and it's a small note. when you saw a big spike in gas prices in the midwest, in places
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like wisconsin, because the refineries there were converting themselves to be able to process this shale oil, ultimately, that is going to be great for this country. and gas prices will be lower. >> i don't think you're ght. >> okay. but i still love you. >> i still love you, too. when we come back, lighten the load and lighten your airfare costs. one airline with the plan to only hire femalflight atte attendants sying it will cut down on gas prices. i think it's a way to justify hiring babes up in the air. that's just me. because the whole plane load could be stuck with fat people and it's stupid. and it's stupid.
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>> we will talk about a failing grade. a number of colleges has more students likely to default on loans than graduate. now oregon putting into motion where students can go to a steat college at low tuition or low tuition, but there is a deal. they pay 3% of their annual salary after graduation for up to 24 years. learn now and pay later? > they are going into debt for students thato into debt. i think until we change the cost it doesn't get better. colleges are raising prices 7% a year. it is an obscene amount. until that changes, we are at a trillion dollars in debt and it will only get worse.
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>> unfortunately, colleges, hollywood, they are all of the liberal groups that can do what they want, say what they want, they can be hipocrites and raise their tuition or salaries 600% over inflation and can't be touched. >> student loans and colleges are just like the husing market. too much cheap and easy money to get from the government. these governnt-backed loans. that's why the tuition rates have sky rocketed over the years. hopefully it changes. maybe not. >> what do you think oregon is trying to do? >> i agree. they from going into debt so students can go into debt. i don't know what the solution is. it is obscene. these diploma mills are horrible and they are gouging students. they need to be regulad a lot better. they are gouging to make themselves rich. >> their hearts are in the right place. invariably you will be double stuck. >> you will be double stuck, but here is the thing, we have colleges, for profit colleges crusushed by the administration and virtually put out of business. they have created this scenario.
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it is a monster. >> and college know when there are cheaper loan rates and you keep them cheap because it gives them a reason to continue or a deal like this. >> when an industry like a college gets paid no matter what even if the person can't pay you have a problem. it is about subsidizing and it never worked. >> the students and the parents have a choice. don't pay a lotnd go to an in state school. >> or become a plumber or an electrician. my plumber has people. they make a lot of money and they are doing well. they come in a limo. i can't do it. i want to thank you. meanwhile, up in, red, white, blue and green, all-american stocks that will all-american stocks that will have you
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our stock taki patriot. >> united rental operate in every state from aerial pick up trucks and crocs, great company -- and great company and great business. >> what you think? >> doing well. >> so you agree? >> absolutely. >> normal we don't do that here. >> what are you dismog. >> ford, number one business is accelerating and number two, acting well in a market that has been shaky. >> charles, what do you make of ford? >> the ford, f-150, that's all. this thing is a monster. forget about cars. it is about trucks ford is no joke. people love ford because they didn't take a government handout. >> aren't they lower quality? >> i can't rember quality
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issues, but people love ford for a lot of reasons. the quality of the vehicles, they didn't take the bailout. >> gary, great seeing you. >> my pleasure. glad to be here. >> it is the place for business, fox. a dial tone. that's right. that's all conservative groups are hearing from the fbi. the attorneys representing 41 of the organizations suing the irs for targeting them says he still has not heard a peep from the agency, even though the fbi claims it is investigating the irs. mind you, this story broke nearly two months ago. so is this proof that the administration is not taking the charges seriously? hi, everybody. lcome to "forbes on fox." happy fourth of july. let's go in focus with mr. steve forbes. steve is the fbi taking this seriously or